A challenging and exciting step in food service development is the phase of restaurant concept development. It is a forward-looking process for developing and evaluating new ideas before committing extensive resources. If you are planning a new or first restaurant venture or need to rebrand existing restaurant operations, restaurant concept development gives broad and sometimes ill-defined ideas a chance to be examined by groups of experts in a logical process.
The feasibility study is the analysis of the program objective to determine if it can be solved effectively. The goal of a feasibility study is to identify the options available and rate the likelihood of each option to achieve the desired value.
Developing and getting your restaurant concept laid out in a formal report is usually a necessary component to ensuring project financing, and engaging vendors and future employees. Restaurant business plans often include an executive summary, description and environment analysis, stakeholders backgrounds, market analysis, operations and marketing plans, and financial plans.
Is this a good location to build your restaurant? Potential restaurant locations need to address more than an appropriate square footage. Issues for consideration include area demographics, licensing and zoning, and parking availability among many others. Give us a call at 410-827-9002 to learn more about real estate evaluation for your restaurant project.
This analysis will cover the projected costs pre-opening, total budget and program cost to starting your own restaurant business.